What are my options?

[Anonymous]

Hello,

These are my current scores

EQ: 480

TU: 517

EX: 511

I've read a few post where having more than one secured card is recommended to increase your score.

How many secured cards should I have? I think I may go with USAA since they report as unsecured, but I don't think you ever graduate to a secured.

My goal this year is to finance a new vehicle, and hopefully by the end of this year/early next year be able to purchase a home.

Any advice would be helpful.

Thanks!

[Creditaddict]

USAA sounds like a good start.

I would start to address what has your scores all the way down that low before you get to focused on credit cards outside of the 1 USAA for right now.

[Anonymous]

Definitely. Thanks

[Anonymous]

The USAA secured card does not graduate, I have had one for about 3 years and I am looking to replace it with an unsecued card now, it has done its job.  It is basically 'parked money' and the only benefit you get is that it does report to all 3 CRBs.

I would recommend getting a secured card that will graduate.

I have a B of A secured card that will graduate.

I do not have the Cap1 secured card but I have heard good things about the Cap1 Credit Steps.

I also agree it will not do much good even with secured cards unless you can work on the reasons your CRs are low now.

hth 

[Anonymous]

CapOne and discover secured cards, if you can, plus as many store cards as you can pick up, activate, and then throw in a drawer without ever using as you can get your hands on.

To be honest, I would shelve your dreams of a home for at least 24 months, in order to really get your scores up. I would do that for the car, too, but that may not be an option. You should also head to the Rebuilding Your Credit forum and start aggressively trying to get derogatory marks off of your report.

[Pway]

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@Anonymous wrote:
CapOne and discover secured cards, if you can, plus as many store cards as you can pick up, activate, and then throw in a drawer without ever using as you can get your hands on.

To be honest, I would shelve your dreams of a home for at least 24 months, in order to really get your scores up. I would do that for the car, too, but that may not be an option. You should also head to the Rebuilding Your Credit forum and start aggressively trying to get derogatory marks off of your report.

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I would not go over board with the store cards.  Discover secured card you have to qualify for after being denied for the regular card.  There is no need to waste a hard pull there.  Capital One secured to get you with a secured card.  Like CA have mentioned USAA secured or a local credit union.  Also adress the baddies that have your scores so low. 

Good Luck

[Anonymous]

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@Pway wrote:

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@Anonymous wrote:
CapOne and discover secured cards, if you can, plus as many store cards as you can pick up, activate, and then throw in a drawer without ever using as you can get your hands on.

To be honest, I would shelve your dreams of a home for at least 24 months, in order to really get your scores up. I would do that for the car, too, but that may not be an option. You should also head to the Rebuilding Your Credit forum and start aggressively trying to get derogatory marks off of your report.

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I would not go over board with the store cards.  Discover secured card you have to qualify for after being denied for the regular card.  There is no need to waste a hard pull there.  Capital One secured to get you with a secured card.  Like CA have mentioned USAA secured or a local credit union.  Also adress the baddies that have your scores so low. 

Good Luck

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Yea...definitely not applying for store cards. I already have three, which are in good standing. Everything on my report is being worked on. I will look into Capital One. Thanks!!

[Anonymous]

When hubs and I were working on rebuilding we used Open Sky, First Progress, and Cap1. Capital One was the best by far. It only required half of the credit line as deposit  (ymmv) and they increased the CL after a few months. That acct (and the others) have since been closed, and we each have 2 unsecured cards with them, cl of 2k. (After just a few months, starting at 500.) 

I'd go with Capital One, for sure. They are really great for rebuilding. 

[Anonymous]

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@Anonymous wrote:

When hubs and I were working on rebuilding we used Open Sky, First Progress, and Cap1. Capital One was the best by far. It only required half of the credit line as deposit  (ymmv) and they increased the CL after a few months. That acct (and the others) have since been closed, and we each have 2 unsecured cards with them, cl of 2k. (After just a few months, starting at 500.) 

I'd go with Capital One, for sure. They are really great for rebuilding. 

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Awesome! Thank you